Posted on November 14, 2022
Port of Seattle has released its proposed 2023 budget, and along with it a $82.7 million dollar property tax levy that would see Seattle property taxes rise by an average of $78.42 per homeowner annually.
This per-homeowner cost is based on a median Seattle home value of $830,000 and comes to 9 cents per $1000 of assessed value. This is well below the 45 cents per $1,000 of assessed value the port is allowed to levy under Washington state law without going to voters.
The proposed 2023 increase is a 2% rise from $78.7 million in 2021 to $82.million in 2023. It accounts for less than 1.2% of total property taxes collected in King County, according to the data on the port’s 2022 Maritime Capital Projects.
The funds from this levy are planned to be used for strategic investments in local job creation, environmental sustainability efforts, various local community programs, and to service debt and bond obligations. Additionally, it will help fund the planning and execution of the Port of Seattle’s $5.3 billion five-year capital plan.
This plan is intended to help deal with supply chain issues and increased trade demands in the currently tight labor market.
“Local industries and the community need us to deliver more than ever before,” said Executive Director Steve Metruck in a statement accompanying the 2023 budget release. “This balanced budget and capital plan responds to regional needs with more essential services and programs, as well as historic new investments that deliver in the short-term and long-term for people and the planet.”
Including the proposed $82.7 million levy, the Port of Seattle is projecting a $380.3 million net operating income for 2023 on gross revenues of $953.7 million.